AI rebuilding industry landscape

Businesses look for tech models that can deal with economic issues

LAHORE:

Artificial intelligence (AI) is rapidly changing the industry dynamics. Many startups are building their business models over AI that makes decision-making efficient and accelerated.

AI has been a popular buzzword for quite some time. It is a phrase often used to describe machines, computer-controlled robots and software systems that execute intelligent activities such as learning, planning, thinking and interacting to simulate the inherent intelligence demonstrated by people and animals.

Industry experts believe that in the face of persistent economic uncertainties, such as higher-than-expected inflation, supply chain restrictions and shifting customer attitudes, businesses have been looking for creative and sustainable technology models to assist them in dealing with macroeconomic issues.

According to a 2020 World Economic Forum report on the future of jobs, 85 million jobs will be displaced by automation and AI advances by 2025. In parallel, 97 million new roles will be created by 2025 to fill the work demand of the surging industry.

Sameer Ahmed Khan, Chief Executive Officer of Social Champ, a social media management company, while speaking to The Express Tribune, said, “Since the world is moving towards AI, Martech startups are not only adopting it but also focusing on implementing more machine-learning practices in their tools regarding content generation.”

Khan said that AI and Big Data had emerged as key forces in the digital age and their significance was only escalating.

“Big Data has a bright future, thanks to technological advancements such as increased access to enormous amounts of data. This will help organisations to achieve more insights, enhance performance, create income and develop more quickly,” he added.

The company believes in innovation and technological progress and aims to bring that to its users.

“While developing Martech solutions, it is important to note that such a solution should not only be easy to use but also come with an incentive so that people can adapt to a job done by a tool, which was originally done manually. For us, that incentive has always been ease of management and scalability, therefore, we focused on building a solution that does both,” said Khan.

Globally, with the establishment of new and more innovative startups, investors are already looking to invest in lucrative solutions.

Apart from that, Pakistani Martech solutions gaining exposure in events such as Web Summit and Techstars also points towards a brighter future. More exposure means more representation. Locally, the solution is simple.

More tech incubators with a wider awareness of the Martech industry will lead to better developed solutions and an educated audience.

Industry experts believe that with such startups sprouting left, right and centre, Pakistani companies will soon be able to cater to global and local companies. “The future of IT is bright with growth beyond anyone’s imagination. We never know what we might see tomorrow; maybe a solution that lets us travel without even booking a ticket? I mean, who knew that one day, we would literally have an entire world on our screens?” Khan added.

Published in The Express Tribune, January 7^th, 2023.

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